Singapore court dismisses Do Kwon's claim for $15 million down payment on luxury condo

PANews reported on September 8th that, according to Decrypt, the Singapore High Court has ruled that Terraform Labs founder Do Kwon, who failed to complete a property transaction due to criminal charges, cannot recover the $15.1 million down payment he made for a luxury apartment. The report states that before his crypto project collapsed, Do Kwon and his wife signed a 16-month lease for a four-bedroom penthouse unit at Sculptura Ardmore, a luxury condominium in Singapore, in early 2022. They paid $15.1 million (S$19.4 million), roughly half the purchase price, including a monthly rent of $31,150 (S$40,000). On May 17, 2023, Do Kwon instructed his wife to exercise an option to purchase the property, which required a payment of only $778 (S$1,000). However, this payment was never made. The option and lease expired in June 2023, but Do Kwon's wife continued to live in the property for an additional month.

The developer of the luxury penthouse seized the US$15.1 million (S$19.4 million) deposit and accused Do Kwon's wife of breach of contract, seeking one month's rent and US$70,000 (S$90,000) in repair costs. A High Court judge dismissed the repair claim but ordered an additional month's rent. Do Kwon challenged the developer's seizure of his funds and argued for their return. The High Court rejected Do Kwon's claim, and the property was later resold for US$26.87 million (S$34.5 million).